3rd Conference on Chinese Capital Markets

December 6th, 2013

All use of this information must cite the NYU Center on U.S.-China Relations


video platform video management video solutionsvideo player

Conference Agenda:

For more information on the participants and their presentations, click their highlighted name.

Registration and Breakfast


 Rosenthal Pavilion, 10th Floor, Kimmel Center

Opening Remarks
9:00 AM   
David Denoon, Director, NYU Center for U.S.-China Relations

Welcome to NYU
9:05 AM   
Peter B. Henry, Dean, NYU Stern School of Business

Keynote Address
9:15 – 10:30
Professor Barry Naughton, UCSD, “What Are The Chances for Fundamental Economic Policy Reform in China?”

Coffee Break

Panel 1
Different Ways to Approach Reform
Moderator:  Amb. Winston Lord, former U.S. Ambassador to China

Patrick Chovanec, Managing Director, Silvercrest Asset Managements, "The Politics of Economic Reform in China"
Hong Pingfan, Chief, Global Economic Monitoring Unit, United Nations, "Global Growth Perspective and China's Economic Reform"

Panel 2

Reform of the State-Owned Enterprises
Moderator:  Anla Cheng, Senior Partner, Sino-Century China Private Equity

Prof. Liu Xiaxuan, Prof of Economics, Chinese Academy of Social Sciences, "Past Efforts at Reforming the SOEs"
Xu Gao, Chief Economist, Everbright Securities, Beijing, "Private Sector Views of SOE Reform"
Andrew Szamosszegi, Principle, Capital Trade, "How Washington Has to Deal with China's SOEs"


Keynote Interview
Ruchir Sharma, Head, Emerging Markets & Global Macro, Morgan Stanley Investment Management, "China Versus the Rest"

Panel 3
1:45 -3:00

Shadow Banking
Moderator:   Prof. Jennifer Carpenter , Prof. of Finance, Stern School of Business,  NYU

Cindy Li, Country Manager, Federal Reserve Bank of San Francisco, “How Extensive is Shadow Banking?”
Carl Walter, Author and Independent Consultant, “How Does the Private Sector See Shadow Banking Activity?”
Michael Martin, Specialist in Asian Affairs, Congressional Research Service, “What Does Shadow Banking Mean For China’s Overall Economy?”

Coffee Break

Panel 4
Panel 4:  Prospects for the Housing Sector
Moderator: Amb. J. Stapleton Roy, Director, Kissinger Institute, Woodrow Wilson Center

Prof. Ni Pengfei, Director, Center for Cities and Competitiveness, Chinese Academy of Social Sciences, “Options for China’s Housing Policy”
William Brothers, President, WQB Architecture PLLC, “Which Markets in China Are Over-Built?”
Prof. Joseph Gyourko, Bucksbaum Prof. of Real Estate & Finance, Wharton School, University of Pennsylvania, “New Measurements for Housing Prices In China” 

Closing Reception


Conference Presenters

William Brothers

Brothers.jpgWilliam Q. Brothers, president of the WQB Architecture PLLC, began his architectural career in 1973 as the founding architect for Los Sures, a nonprofit community housing development company in the Williamsburg section of Brooklyn. He was senior designer for projects such as the Corporate Headquarters for Westwood Pharmaceuticals Inc. and Liberty State Park in Jersey City. As a project manager, he was responsible for such diverse projects as a $600 million manufacturing facility for Stauffer Chemical Corporation to residential towers in Midtown Manhattan.
In addition to WQB Architecture PLLC, Bill is a founding partner of CITIARC, his architectural design and planning firm in Hangzhou, PRC, as well as a Director of Oriental Parsons Investment Consulting Ltd. of Beijing, a full service commercial real estate and investment advisory firm. Bill is also the founding partner of Interactive Development Associates, LLC.




Jennifer Carpenter

Carpenter.jpg Jennifer N. Carpenter is an Associate Professor of Finance at New York University Stern School of Business. Her primary research areas include executive stock options, fund manager compensation, risk incentives, and corporate liabilities. She has published in all the major academic finance journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business. She has served as Associate Director for the Center for Global Economy and Business and coordinator for its China Initiative since 2011.
Professor Carpenter teaches an undergraduate and MBA course on Debt Instruments and Markets and a PhD course on continuous-time finance. She won the Stern Distinguished Teaching Award for Teaching Excellence in 2012.
Before coming to Stern, Professor Carpenter worked at Goldman, Sachs & Company in the Fixed Income Division. Professor Carpenter received her B.S. in Economics, M.A. in Finance, M.A. in Mathematics, and Ph.D. in Finance from the University of Pennsylvania.

Anla Cheng

Ms. Anla Cheng joined Sino-Century in 2007 with prior investment experience as the founder of Centenium Capital. Prior to Centenium, she was Sr. Vice-President of Robert Fleming for Asian investment, Institutional Head of the Asia Desk for Prudential Bache, Analyst and Portfolio Manager at Citibank Asia Asset Management and started her career at the GNMA Bond Desk at Goldman Sachs.
Ms. Cheng received her MBA from the Wharton School of Business, University of Pennsylvania and her Bachelors (Magna cum laude) from Pratt Institute. Ms. Cheng is currently a trustee at the China Institute, the Museum of Chinese America (MOCA) and a member and former trustee of Committee of 100.

Patrick Chovanec

Patrick Chovanec is Managing Director and Chief Strategist at New York-based Silvercrest Asset Management, which oversees $14 billion in investments on behalf of wealth families and selected institutions. He recently returned from China, where he taught for the past five years as an Associate Professor at Tsinghua University’s School of Economics and Management in Beijing. His insights into the global economy have been featured by both Chinese and international media including CNN, BBC, CNBC, Time, Newsweek, Wall Street Journal, Financial Times, Bloomberg, New York Times, Washington Post, Forbes, Foreign Affairs, Foreign Policy, The Atlantic, PBS, NPR, and Al Jazeera. While living in Beijing, he served as Chairman of the Public Policy Development Committee for the American Chamber of Commerce in China.


David Denoon

David Denoon is Professor of Politics and Economics at New York University and Director of the NYU Center on U.S.-China Relations. He has a B.A. from Harvard, an M.P.A. from Princeton, and a Ph.D. from M.I.T.; and has served in the Federal Government in three positions: Program Economist for USAID in Jakarta, Vice President of the U.S. Export-Import Bank, and Deputy Assistant Secretary of Defense.
Professor Denoon is a member of the Council on Foreign Relations, the National Committee on U.S.-China Relations, the International Institute for Strategic Studies (London), the Asia Society, the U.S.-Indonesia Society, and is Co-Chairman of the New York University Asia Policy Seminar. He is also Chairman of the Editorial Advisory Board of Great Decisions. He is the author and editor of seven books, including Real Reciprocity - Balancing U.S. Economic and Security Policy in the Pacific Basin. He has two recent books published, a monograph titled The Economic and Strategic Rise of China and India (Palgrave-Macmillan) and an edited volume, China: Contemporary Political, Economic, and International Affairs (NYU Press); plus a forthcoming volume (Ed. & Co-authored) China and the U.S.: The Future of Central Asia (NYU Press, 2014).

Joseph Gyourko


Joseph Gyourko is the Martin Bucksbaum Professor of Real Estate, Finance and Business & Public Policy at The Wharton School of the University of Pennsylvania. He also serves as Director of the Zell/Lurie Real Estate Center at Wharton and is a past Chair of the Real Estate Department. Professor Gyourko received his B.A. from Duke University and a Ph.D. in economics from the University of Chicago. Professor Gyourko is a Research Associate of the National Bureau of Economic Research (NBER), served as Co-Director of the special NBER Project on Housing Markets and the Financial Crisis, and is a co-organizer of the NBER’s sessions on the Economics of Real Estate and Local Public Finance. A former editor of Real Estate Economics, Professor Gyourko presently serves on various journal editorial boards. Professor Gyourko is a past Trustee of the Urban Land Institute (ULI) and currently serves on the Board of Directors of the Pension Real Estate Association (PREA). Finally, he consults for and advises various real estate companies and investors.


Hong Pingfan


Dr. Pingfan Hong joined the United Nations in 1989 and has since worked mostly in the areas of economic research and policy analysis, particularly global economic outlook, macroeconomic policies, and international policy coordination. He has contributed to the publication of the United Nations World Economic and Social Survey (WESS) and World Economic Situation and Prospects (WESP). He has also worked extensively with Project LINK in global modeling and forecasting.
Dr. Hong has also worked as an Officer in the State Planning Commission of China and as a Research Fellow and Assistant to Professor Lawrence Klein at the University of Pennsylvania.
Dr. Hong earned a Ph.D. in Economics from the University of Pennsylvania, a Dual Master in Computer Sciences and Management Sciences from Shanghai Jiao Tong University, and a Bachelor in Engineering from Wu Xi Institute of Light Industrial Technology. He is the World Bank McNamara Fellow of 1985.



Cindy Li

Cindy Li is a country manager and analyst in the Country Analysis Unit of the Federal Reserve Bank of San Francisco. In that capacity, she conducts research of Asian financial sectors and produces analyses of Asian foreign banking organizations. In addition, she monitors banking, regulatory and economic developments in Asia with special focus on China and Hong Kong.
Prior to joining the Federal Reserve Bank of San Francisco, she was a senior economist at the Milken Institute, where she led numerous research projects on global capital market trends, financial regulations and the Chinese economy. is a co-author of The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Meltdown (John Wiley & Sons, 2009).
Li received her Ph.D. in economics from the University of California, Riverside, with research focused on informal finance and economic development. She holds a bachelor's degree in international finance from Peking University in China.


Li Shi

Li Shi is Professor of Economics in the School of Economics and Business and Acting Director of the Institute for Income Distribution at Beijing Normal University. He was a professor and senior research fellow at the Institute of Economics, Chinese Academy of Social Sciences from 1996 to 2005 and a research fellow at the University of Oxford in 2001 and professor at Hitotsubashi University, Japan in 2002.
He has participated as a consultant in the projects supported by UNDP, World Bank, UNICEF, ADB, etc, and a coauthor of China Human Development Report 2005. His current studies focus on income distribution, poverty and rural migration in China. He has published in journals such as Journal of Comparative Economics, Journal of Population Economics, Oxford Bulletin of Economics and Statistics, Oxford Development Studies, Journal of Development Economics, Asian Economic Journal, etc. His publications include several edited volumes such as China’s Retreat from Equality (2001, with R. Zhao and C. Riskin,M.E. Sharpe: New York), Unemployment, Inequality and Poverty in Urban China (2006, with H. Sato, Routledge: London and New York), Income Inequality and Public Policy in China (2008, with B. Gustafsson and T. Sicular,Cambridge University Press) and Rising Inequality in China (2013,with H. Sato and T. Sicular,Cambridge University Press).


Liu Xiaoxuan

Xiaoxuan.jpg Liu Xiaoxuan is a research fellow, professor and vice director of microeconomic department at the Institute of Economics of the Chinese Academy of Social Sciences (CASS). She has been engaged in the study of Chinese economic reform since the 1980’s. Her research interests include microeconomics, industrial economics, as well as China's economic transition.
She has published widely in Chinese top level journals such as Chinese Social Sciences, Economic Research Journal,China Economic Quarterly,  Management World, and also some English journal such as Journal of Development Economics, and Journal of Comparative Economics. Her book The Micro-foundation of China's Market Economy: 30 Years of Chinese Enterprise Reforms has been published in both China and abroad. She has taken charge of a number of research projects, supported by the National Social Science Foundation, the National Natural Science Foundation of China, the World Bank, the Ford Foundation, and so on. Her paper "Equilibrium Model of Privatization of State-owned Enterprises" won the 2005 Sun Yefang Economics Prize, which is the most influential award in China, and some of her other papers got the first, third and fifth outstanding scientific achievement award in Chinese Academy of Social Sciences.


Ambassador Winston Lord

Winston Lord served as Co-Chairman of the International Rescue Committee, the largest non-sectarian organization that both helps refugees abroad and resettles them in the United States.  The IRC operates in 28 countries (including Afghanistan and Pakistan) and in eighteen American government and the private sector.
For three decades Ambassador Lord has been at the center of U.S.-China relations.  As Special Assistant to the National Security Advisor he accompanied Henry Kissinger on his secret visit to China and President Nixon on his historic opening in the early 1970’s, as well as subsequent trips by President Ford and Dr. Kissinger.  From 1985-1989 he served as Ambassador to Beijing under president Reagan and Bush.  From 1993-1997 he was Assistant Secretary of State in charge of all East Asian policy, including China, under President Clinton.
In between governmental posts Ambassador Lord has headed a variety of private organizations related to international affairs– as President of the Council of Foreign Relations 1977-85, as well as Chairman of the National Endowment for Democracy and Chairman of the Carnegie Endowment National Commission on American and the New World in the early 1990s.

Michael Martin

Dr. Michael F. Martin is a Specialist in Asian Affairs for the Congressional Research Service of the Library of Congress. From 1994 to 1998, he was the assistant chief economist for the Hong Kong Trade Development Council (HKTDC). Prior to his time with HKTDC, Dr. Martin taught at Hong Kong Baptist University, Doshisha University (Kyoto, Japan), Colby College and Tufts University. After leaving Hong Kong in 1998, Mike worked for six years for the American Road & Transportation Builders Association (ARTBA) in Washington, DC. Dr. Martin holds a B.A. in economics from the Michigan State University, and a M.A. and Ph.D. in economics from the University of Massachusetts, Amherst.
Dr. Martin lives in Takoma Park, Maryland with his spouse, Meipo Fun Martin, who was born and raised in Hong Kong.

Barry Naughton

Barry Naughton is the So Kwanlok Chair of Chinese International Affairs at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. Naughton has published extensively on the Chinese economy, with a focus on four interrelated areas: economic transition; industry and technology; foreign trade; and Chinese political economy. His pioneering study of Chinese economic reform, Growing Out of the Plan: Chinese Economic Reform, 1978-1993 (Cambridge University Press, 1995) won the Masayoshi Ohira Memorial Prize. Naughton’s most recent book is The Chinese Economy: Transitions and Growth, a comprehensive survey of the Chinese economy published by MIT Press in 2007, and translated into Chinese and Korean. Naughton publishes regular quarterly analyses of China’s economic policymaking online at China Leadership Monitor.
Naughton received his Ph.D. in Economics and M.A. in International Relations from Yale University in 1986, and a B.A., Chinese Language and Literature from the University of Washington.


Ni Pengfei

Ni Pengfei, PhD in economics, is the Director of Center for Cities and Competitiveness at the Chinese Academy of Social Sciences. 
He is Adjunct Professor in Institute of Public Administration, Huazhong University of Science and Technology, Beijing Normal University Institute of Resources and Economic Management, and Chinese University of Hong Kong. He also acts as Vice secretary in Chinese Society for Urban Studies, Chinese Urban Development Academy and China Society of Urban Economy.
Dr. Ni worked as a project assessment expert with the UNDP "Reform and Development of SMEs" project.  He  has been an economic consultant for the municipal government of Chengdu, Xi’an and Dongguan, etc. Dr. Ni has published more than 10 academic books and dozens of papers at home and abroad. His work Chinese Urban Competitiveness Report received the Sun Yefang Economy Prize in 2005.


Ambassador J. Stapleton Roy

Ambassador J. Stapleton Roy is Director of the Kissinger Institute on China and the United States at the Woodrow Wilson International Center for Scholars in Washington, DC. He retired from the Foreign Service in January 2001 after four and a half decades with the U.S. Department of State. Mr. Roy served as the U.S. ambassador to Singapore (1984-86), the People’s Republic of China (1991-95), and Indonesia (1996-99). In 1996, he was promoted to the rank of Career Ambassador, the highest rank in the Foreign Service. Ambassador Roy’s final post with the State Department was as Assistant Secretary for Intelligence and Research. He joined the Woodrow Wilson International Center for Scholars in September 2008 to head the newly created Kissinger Institute. He is also a Senior Adviser to the consulting firm Kissinger Associates, Inc. In 2001 he received Princeton University’s Woodrow Wilson Award for Distinguished Public Service.

Ruchir Sharma

Mr. Ruchir Sharma served as a Managing Director, Head of Global Emerging Markets Equity Team, Portfolio Manager, and Member of Global Tactical Asset Allocation Investment Committee at Morgan Stanley Investment Management Inc. Mr. Sharma is also a Managing Director at Morgan Stanley Investment Management Limited. He is also a Portfolio Manager at Van Kampen Asset Management. Mr. Sharma joined the firm in October 1996 and was named Co-head of the team in 2003 and Head in 2006. He is responsible for overall portfolio performance and construction and has day-to-day responsibilities of both the Thai and Malaysian funds. Mr. Sharma focuses on country allocation. Prior to joining the firm, he was employed at Prime Securities (Delhi), where he helped run the firm's foreign exchange business. Mr. Sharma is a columnist at Newsweek and writes for publications such as The Wall Street Journal. He is also a contributor to The Economic Times and has been writing a regular column on global financial markets since 1991. Mr. Sharma is a C.F.A charter holder. He received a B.A. degree with Honors in Commerce from the Shri Ram College of Commerce, Delhi.

Andrew Szamosszegi

Andrew Szamosszegi is a principal at Capital Trade, Inc., a leading provider of international trade consulting, litigation support, and economic analysis services. He has consulted U.S. and international clients on topics ranging from the economic impact of trade liberalization to the technical aspects of U.S. trade remedy matters. Mr. Szamosszegi has appeared as a witness at hearings before the U.S. International Trade Commission, the Department of Commerce, the United States-China Economic and Security Review Commission, and the Trade Policy Staff Committee. He is co-author of An Analysis of State-owned Enterprises and State Capitalism in China and author of An Analysis of Chinese Investments in the U.S. Economy.  Prior to entering the field of consulting in 2001, Mr.Szamosszegi was a researcher at the Economic Strategy Institute, where he focused on U.S. trade, foreign direct investment, and the competitiveness of U.S. industries.  He holds an A.B. from Harvard University and a master’s degree from UCSD’s School of International Relations and Pacific Studies.


Carl E. Walter

Carl worked in China and its financial sector for over 20 years and actively participated in many of the country’s financial reform efforts. While at Credit Suisse First Boston he played a major role in China’s groundbreaking first overseas IPO in 1992. Later at Morgan Stanley he was a member of senior management at China International Capital Corporation. While there he supported a number of groundbreaking domestic and international stock and bond underwritings for major Chinese corporations. More recently at JPMorgan he was China Chief Operating Officer and Chief Executive Officer of its China banking subsidiary. During this time Carl helped build a pioneering domestic security, risk and currency trading operation.
A long time resident of Beijing before his recent return to the United States, Carl is fluent in Mandarin and holds a PhD from Stanford University and a graduate certificate from Peking University. He is the co-author of Red Capitalism: the fragile financial foundations of China’s extraordinary rise, which has been published in Chinese in China. His earlier book, Privatizing China: inside China’s stock markets, was also published in China and, like Red Capitalism, contributed to the government’s policy debate.


Gao Xu

Dr. Gao Xu is Chief Economist and Head of Economic Research of China Everbright Securities Co. Ltd., one of the largest security firms in China. Gao is also a member of the China Chief Economist Forum and a column writer for The Wall Street Journal. Gao was ranked the 3rd among macro forecasters for China by Capital Week in 2012. Before joining Everbright in 2011, Gao worked in the UBS as a senior economist. Prior to that, he was an economist with the World Bank. He also spent 2 years with the IMF first as a research assistant and then as a part-time economist. Gao holds a Ph.D. in economics from Peking University, and Master and Bachelor degrees in Engineering from Southwest Jiaotong University.


Conference Photos

Get the flash player here: http://www.adobe.com/flashplayer